Hailed as a monumental achievement that could reset the US energy transition, the Inflation Reduction Act (IRA) recently signed into law is the largest investment in renewable energy ever by the country, with $369bn in in subsidies and incentives aimed at launching the country towards its 50-52% emissions reductions by 2030 target.
But the legislation also includes giveaways to the oil & gas industry. This includes all future offshore wind leasing hinging on the federal government also auctioning off at least 60 million acres for offshore hydrocarbon development annually — a fact roundly called out by leading environmental groups such as the Centre for Biological Diversity, as “incompatible with climate science and the administration’s climate goals”.
